Ayala enters co-working office space
Property giant Ayala Land Inc. has debuted into the co-working office space business – a flexible office leasing scheme suitable for millennial entrepreneurs and freelancers who need to operate under an asset-light business model – under a new brand “Clock In.”
For the first location of Clock In, ALI transformed part of the penthouse of its Makati Stock Exchange (MSE) building in Ayala Avenue into a 400-square meter fully-equipped and furnished serviced office space now being pitched as a hub for start-up ventures, small to medium enterprises, groups working on a per-project basis, digital nomads and online professionals, freelancers, road warriors and swing space users.
“Ayala Land Offices has always serviced traditional office requirements for corporates and BPO (business process outsourcing) operations, but we also want to offer office solutions to start-up companies, entrepreneurial ventures, and independent professionals,” said Carol Mills, vice president and head of Ayala Land Offices. “They are a fundamental part of the business community and should not be located in less prime spaces. We view Clock In as an amenity to our existing office buildings.”
Immediate availability, low overhead cost, flexible lease duration and rates, office staff efficiency, information technology and administrative support are some of the incentives offered by Clock In to users.
With this model, entrepreneurs can immediately use an office for as low as P550 per person per day.
ALI has teamed up with Acceler8 – an existing player in the burgeoning co-working space business with more than 2,000 members around Asia – to operate, market and provide technology services for Clock In. This new brand is intended to be developed into a chain of plug-and-play office space located in ALI’s office buildings and even shopping malls.
The inaugural Clock In site at the MSE penthouse has a reception lobby and lounge that lead to a sprawling floor plan of shared work spaces, a meeting room, 15 private offices enclosed in glass, a breakout area, and pantry. The serviced office has a seating capacity of 107 people.
For as low as P2,000 a month, a start-up entrepreneur can get a virtual address to register his or her business at Clock In and get access to co-working space, Acceler8 co-founder Mikko Barranda said.
The facility is seen most suitable to small businesses with a headcount of five to 10 people. Since these ventures can not predict the pace of growth, they would not want to commit to long-term lease agreements.
The rise of millennials as a demographic force and the booming appetite for entrepreneurship for these digital natives are among the key trends driving the co-working space business, Barranda said.
Given the unique set-up of a co-working space, Clock In’s clients can also look forward to collaborations, mentoring, and even social gatherings to strengthen community ties, Barranda said.
“Co-working spaces provide value beyond just real estate..There are intangible opportunities such as networking that help entrepreneurs test out their ideas and learn from other community members,” he added.
While Clock In, targets mostly millennials, it also welcomes “parennials” – parents of millennials or the perennial entrepreneurs.